Fintech PR

Canada Computational Unlimited Corp. Announces Early Repayment of Bitcoin Loans and Purchase of Equipment

Published

3 years ago

September 30, 2021

Reading Time: 5 minutes

Toronto, Ontario–(Newsfile Corp. – September 29, 2021) – Canada Computational Unlimited Corp. (TSXV: SATO) (the “Corporation“) announces today that Canada Computational Unlimited Inc. (“CCU.ai“), a wholly owned subsidiary of the Corporation, completed the early repayment of loans payable which are repayable in Bitcoin on September 29, 2021 (the “Termination Date“).

Description of the BTC Loan Agreements

On June 30, 2019, CCU entered into bitcoin loan agreements (the “BTC Loan Agreements“) pursuant to which it borrowed a total of 118.4743 bitcoins (“BTC“) from eight shareholders of CCU: Romain Nouzareth, Mathieu Nouzareth, Julien Romanetto, Frédéric Montagnon and four other arm’s length shareholders of CCU (collectively, the “Lenders“).

The proceeds of the BTC Loan Agreements were used by CCU to purchase new mining equipment and increase its capacity to self-mine BTC. The BTC Loan Agreements provided CCU the ability to elect to repay in BTC according to pre-established phmaiases as described in the BTC Loan Agreements:

Early Repayment Phases

Phase 1: Each month until the mining equipment is connected, the Borrower will pay each Lender 0.075 BTC.

Phase 2: From the time the mining equipment is operational until the Borrower has repaid each Lender 3 BTC, the Borrower will pay to such Lender 85% of the BTC created using the mining equipment, less the electricity costs and the pool costs (1%) (the “Contribution Margin“).

Phase 3: For 18 months after the end of Phase 2, repayment of 50% of the Contribution Margin.

No security was granted by CCU on any of its assets in connection with the BTC Loan Agreements, nor are there any securities of CCU or the Corporation to be issued in repayment of the BTC Loan Agreements.

Repayment of the BTC Loans Agreements

CCU made all payments required under Phase 1 of the BTC Loan Agreements until connection of the mining equipment. On the Termination Date, CCU and the Lenders agreed to proceed with the early repayment of all outstanding indebtedness under the BTC Loan Agreements and the payment of all other amounts owed to the Lenders pursuant to Phase 2 and Phase 3 of the BTC Loan Agreements (the “Early Repayment“). As of the date of the Early Repayment, a total of 12.1643 BTC were still outstanding and owed to the Lenders by CCU, representing an aggregate amount of C$641,123 . CCU proceeded to the repayment of C$27,044 to Romain Nouzareth, C$11,789 to Mathieu Nouzareth, C$214,340 to Julien Romanetto, C$324,531 to Frédéric Montagnon and C$63,418 to four other arm’s length shareholders of CCU. Dollar amounts in this press release are based on the price of BTC as of September 29, 2021 for an amount of US$41,286, as indicated on Yahoo Finance The result of the Early Repayment is that CCU has no further indebtedness under the BTC Loan Agreements. The payment of the balance will be in BTC and will result in a gain of settlement of debt of an estimated amount of C$77,000.

Related-party transaction

Romain Nouzareth, Mathieu Nouzareth, Julien Romanetto and Frédéric Montagnon are shareholders and insiders of the Corporation and constitute related parties, as such term is defined under applicable Canadian securities law. The Early Repayment constitutes a related party transaction pursuant to Multilateral Instrument 61-101 – Protection of Minority Securityholders in Special Transactions (“MI 61-101“). The Early Repayment of the BTC Loan Agreements is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as the amounts repaid to related parties are below 25% of the Corporation’s market capitalization. The Early Repayment was approved by the Board of Directors of the Corporation on September 28, 2021. The Corporation did not file a material change report 21 days prior to the date of the Early Repayment of the BTC Loan Agreements as the intention of the Corporation to accelerate the payment had not been confirmed at that time.

Romain Nouzareth beneficially owns or controls 11,079,552 shares of the Corporation, representing approximately 17.19 % on an undiluted basis and 15.48% on a fully diluted basis of the issued and outstanding shares of the Corporation; Mathieu Nouzareth beneficially owns or controls 8,326,710 shares of the Corporation, representing approximately 12.92 % on a non diluted basis and 11.64% on a fully diluted basis of the issued and outstanding shares of the Corporation; each of Julien Romanetto and Frédéric Montagnon beneficially owns or controls 6,405,722 shares of the Corporation, representing approximately 9.94 % on a non diluted basis and 8.95% on a fully diluted basis of the issued and outstanding shares of the Corporation. The Early Repayment of the BTC Loan Agreements does not affect or change the percentage of securities of the Corporation beneficially owned or controlled by each of Romain Nouzareth, Mathieu Nouzareth, Julien Romanetto and Frédéric Montagnon.

Purchase of Electrical Equipment

CCU bought electrical equipment for 10 MW for the Center One, and an additional 8 MW for future expansions. The deposit made related to this purchase is C$776,000 including sales taxes. The estimated delivery is December 2021 or earlier. This acquisition will allow CCU to pursue its objectives presented in the Filling Statement.

About CCU.ai

CCU.ai operates a state-of-the-art, carbon-neutral bitcoin mining center with a contract of 20 MW of stable, eco-friendly energy. The company’s high-density calculation centers are built for high-grade cryptocurrency mining, AI data processing, and fintech infrastructure.

Founded in 2017, CCU.ai is led by technology entrepreneurs, electricity and ventilation experts, network specialists, and Canadian industrialists. Since its inception, the company has pursued a vision of environmental stewardship throughout the mining process. The excess supply of renewable energy in the province of Québec has made this endeavor feasible and a great base for growth.

Cautionary Statement Regarding Forward-Looking Information

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

This news release does not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction.

This news release contains certain forward-looking statements and other statements that are not historical facts. Wherever possible, words such as “may”, “will”, “should”, “could”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict” or “potential” or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management’s current beliefs and are based on information currently available to management as at the date hereof.

Forward-looking statements involve significant risk, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this press release are based upon what management believes to be reasonable assumptions, the Corporation cannot assure readers that actual results will be consistent with these forward-looking statements.

These forward-looking statements are made as of the date of this press release, and the Corporation assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.

For additional information, please contact:

Canada Computational Unlimited Corp.
Romain Nouzareth
Chief Executive Officer
[email protected]

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/98096

Fintech

Fintech Pulse: A Daily Dive into Industry Innovations and Developments

Published

39 minutes ago

November 26, 2024

Peter Tolan

fintech-pulse:-a-daily-dive-into-industry-innovations-and-developments

The financial technology sector continues to evolve at a rapid pace, offering innovations that disrupt traditional paradigms. Today’s briefing underscores fintech’s diverse growth avenues: from substantial venture capital plays and strategic partnerships to groundbreaking implementations in lending. Here’s a closer look at recent developments shaping the landscape.

Synapse’s Comeback and Andreessen Horowitz’s Strategic Bet

Source: Axios
Synapse, a financial infrastructure company previously embattled by controversy, is staging a remarkable comeback, backed by none other than venture capital heavyweight Andreessen Horowitz (a16z). With this new infusion of funds, Synapse aims to consolidate its position as a premier platform for building financial services tools.

This resurgence demonstrates the resilience of the fintech ecosystem, where innovation often prevails over turbulence. Synapse’s renewed vigor also signals that top-tier investors remain bullish on infrastructural solutions pivotal to the future of digital finance. Andreessen Horowitz’s participation not only validates Synapse’s model but also underscores the VC giant’s enduring interest in fintech infrastructure, even amid global economic uncertainties.

Analysis:
This partnership exemplifies the dynamism within fintech, highlighting the interplay of innovation, capital, and resilience. It also raises questions about the broader implications of giving second chances to firms with turbulent histories. While Synapse’s evolution could inspire others, it also places a spotlight on governance and accountability in high-growth sectors.

Israel’s Fintech Scene Gets a Boost with Investment in Finova Capital

Source: Calcalistech
Israeli fintech startup Finova Capital has raised an impressive $20 million in a funding round led by prominent institutional investors. This marks a significant milestone for the company as it seeks to expand its suite of financial solutions aimed at underserved markets.

Israel’s fintech ecosystem has long been recognized as a hub of innovation, and this latest investment only reinforces its global standing. Finova Capital’s focus on empowering smaller businesses and fostering financial inclusivity aligns with emerging trends where tech-driven solutions bridge critical gaps in financial services.

Analysis:
With this funding, Finova is poised to enhance its technological offerings while contributing to economic inclusion. However, the broader fintech industry will watch closely to see how the company leverages this capital amid increasing competition from regional and global players.

India’s Yubi Plans a Fundraising Push

Source: Bloomberg
Yubi, a prominent Indian fintech platform backed by Insight Partners, is reportedly preparing for a new fundraising round. Having already established itself as a leader in credit infrastructure, Yubi aims to bolster its offerings and expand its market footprint.

India’s fintech landscape is witnessing explosive growth, with platforms like Yubi playing a critical role in the credit ecosystem. Yubi’s planned fundraising reflects the broader appetite for scaling solutions that streamline credit access, particularly in emerging markets where traditional lending models often fall short.

Analysis:
This development highlights two key trends: the increasing reliance on credit platforms in high-growth economies and the strategic role of international investors like Insight Partners in driving fintech innovation. Yubi’s expansion plans could set a precedent for other regional fintech players seeking to scale amid global economic headwinds.

Provenir and Hastings Financial Services Win Global Recognition

Source: Business Wire
In a testament to the transformative power of digital lending solutions, Provenir and Hastings Financial Services have been jointly recognized for the Best Digital Lending Implementation at the IBSi Global Fintech Innovation Awards. This accolade underscores the success of their collaboration in modernizing the lending process through cutting-edge technology.

Provenir’s advanced decision-making platform and Hastings Financial Services’ lending expertise have delivered a solution that significantly enhances user experience, operational efficiency, and risk management. Such innovations highlight the increasing role of partnerships in advancing fintech’s digital transformation.

Analysis:
This recognition not only validates the efficacy of digital lending but also emphasizes the importance of partnerships in driving innovation. It signals to the industry that collaboration can be a powerful tool for staying ahead in a rapidly evolving marketplace.

Microf and Quantum Financial Technologies Forge New Alliances

Source: PR Newswire
Microf, a financial solutions provider, has announced a strategic partnership with Quantum Financial Technologies. This collaboration aims to expand lending solutions for contractors, providing streamlined access to capital for businesses in need of flexible financing options.

This partnership is a timely response to the growing demand for specialized financial products in niche markets. By leveraging Quantum’s technology, Microf can now offer more tailored solutions, particularly to contractors navigating complex financial requirements.

Analysis:
This development reflects a growing trend: the diversification of fintech offerings to serve specific market segments. As competition in mainstream fintech intensifies, targeting underserved niches could become a defining strategy for success.

Key Takeaways for the Fintech Ecosystem

Resilience in Fintech Funding: Despite economic uncertainties, venture capital continues to fuel innovative fintech players like Synapse and Finova Capital.
Regional Growth Stories: From Israel to India, fintech ecosystems are thriving, attracting global attention and investment.
Collaboration as a Catalyst: The success of partnerships like Provenir-Hastings and Microf-Quantum underscores the importance of strategic alliances.
The Power of Recognition: Awards like the IBSi Fintech Innovation Awards validate industry achievements, inspiring others to push the envelope.
Focus on Inclusion: Whether through credit platforms or lending solutions, fintech is playing a pivotal role in fostering financial inclusivity worldwide.

Looking Ahead: Challenges and Opportunities

The fintech sector’s journey is far from linear. Regulatory complexities, technological disruptions, and market volatility remain persistent challenges. However, as seen in today’s developments, the opportunities far outweigh the risks. By prioritizing innovation, collaboration, and inclusivity, fintech players can navigate the complexities of the global financial landscape.

This moment in fintech history is pivotal. It’s a time for bold decisions, strategic partnerships, and a commitment to bridging financial divides. As industry players rise to the occasion, the road ahead promises a future where technology and finance intertwine to empower individuals and businesses alike.

The post Fintech Pulse: A Daily Dive into Industry Innovations and Developments appeared first on News, Events, Advertising Options.

Fintech PR

BIZCLIK MEDIA LAUNCHES DECEMBER EDITION OF FINTECH MAGAZINE

Published

2 hours ago

November 26, 2024

CISION (PR Newswire)

The December edition of FinTech Magazine includes interviews with leading experts and executives from Alipay+, Marqeta & Flyfish

LONDON, Nov. 26, 2024 /PRNewswire/ — BizClik, the UK’s fastest-growing publishing company, has released the latest edition of FinTech Magazine.This publication is highly regarded by voices within the Financial Sector for its in-depth reports and interviews with prominent figures in the industry.

FinTech Magazine

This month’s edition features an exclusive lead interview with Flyfish C-Suite, Savvas Pashias, Shay Merary and Michael Zetser on how they have developed a platform for SMEs to access banking services, as traditional infrastructure struggles to meet increasing cross-border needs.

“The UniFi platform is inherently scalable, designed to growin line with a company’s expansion and service requirements” – Michael Zetser, CEO, Flyfish

The edition also contains extensive interviews with key thought leaders from Marqeta, Sidekick, PayU and more. Plus the Top 10: Decacorns

You can visit FinTech Magazine for daily news and analysis of the ever-changing financial industry.

About BizClik

BizClik is one of the fastest-growing digital media companies in the UK, host to a growing portfolio of industry-leading global brands and communities.

BizClik’s expanding portfolio includes Technology, AI, FinTech, InsurTech, Supply Chain, Procurement, Energy, Mining, Manufacturing, Healthcare, Mobile, Data Centre, Cyber, and Sustainability.

For more information, please visit our website.

View original content:https://www.prnewswire.co.uk/news-releases/bizclik-media-launches-december-edition-of-fintech-magazine-302316768.html

Fintech PR

Hakluyt announces new partnership with Orchestras for All

Published

4 hours ago

November 26, 2024

CISION (PR Newswire)

LONDON, Nov. 26, 2024 /PRNewswire/ — Hakluyt, the global strategic advisory firm for businesses and investors, has today announced a new social impact partnership with Orchestras for All (OFA), on the eve of the charity’s Big Give Campaign launch.

Orchestras for All is a UK-based charity that works with 11-19 year-olds to widen access to music, with a particular focus on those who face challenges such as disability, deprivation or caring responsibilities.

Drawing on its connectivity and in-house expertise, Hakluyt will advise the charity on issues as it seeks to fulfil its mission to ensure that all children, regardless of background or circumstance, are able to share in the benefits of group music-making.

Hakluyt, which has been providing in-kind support to the charity since 2022, has now formalised a partnership with Orchestras for All that will see it provide advice and guidance across a range of strategic challenges in order to help the charity widen its impact and reach more young people.

Kayo Yoshida, who co-leads Hakluyt’s work with Orchestras for All, said: “Orchestras for All does invaluable work sharing the benefits of music with children who have often been shut out of creative opportunities. I am personally delighted to be working with them, and look forward to our partnership flourishing over the coming years.”

Alexandra Davison, who also co-leads Hakluyt’s work with the charity, commented: “The opportunities that Orchestras for All offers can be life-changing for young people. The myriad benefits of musical education to children’s development and educational attainment are well known, and Orchestras for All is an organisation with a proven track record of widening access to music for the children who need it most.”

Nick Thorne, Executive Director of Orchestras for All, added: “We are delighted to have formalised our partnership with Hakluyt, and are incredibly grateful for the support they provide. This relationship is one of our most significant corporate partnerships to date, offering both financial support and advisory services.

“The funding Hakluyt have provided will not only help OFA continue providing its life-changing musical programmes, but also enable our participation in the Big Give Christmas Challenge 2024. Through this campaign, OFA aims to raise vital funds to ensure that more young people can access inclusive and transformative music-making opportunities.”

Notes to Editors

Hakluyt is a strategic advisory firm that works with corporate leaders and investors around the world on their most important commercial issues. For more information on the firm, please visit www.hakluytandco.com

Orchestras for All (OFA) is an Arts Council National Portfolio Organisation that breaks down barriers to give all young people the life-changing experience of making music together, regardless of the daily challenges they might be facing. Its inclusive, non-auditioned National Orchestra for All (NOFA) brings together 100 young musicians from across the UK who would otherwise be unable to access musical opportunities – whether due to physical disability, a mental health condition, economic deprivation, or rural isolation.

View original content:https://www.prnewswire.co.uk/news-releases/hakluyt-announces-new-partnership-with-orchestras-for-all-302316677.html